All Forum Posts by: Laura Thorne

great idea! Very interested.

Have to insulate the attic in my duplex (frost forming on the underside of roof causing a leak).  I got a bid from the people we had used for our own house.  They were fantastic (we had shopped around for bids at the time and they were the cheapest) but they quoted me $2700.  Looks like the average (on home advisor) is half that.  Just wondering if anyone has experience with negotiating/modifying a plan to get decent insulation with moisture barrier blown in without spending that much.  Thank you!

@Patrick I. I am still using those numbers as I look for my next deal but I also have a reserve because I now know that things may not cashflow as planned from day one.  Also I need to get a better handle on how much I really need for cap ex, rather than always estimating 10%.  I am keeping a list of what things actually cost in the twin cities (water heater, washing machine, roof).  Good luck to you!

Hi Patrick, I bought my first duplex a year ago and used those numbers as well.  According to the numbers I'd have ~$400/month of cashflow (I was managing the property myself).  Instead I made $300 for the whole year.  I had inherited a tenant that did not pay rent on time and I ended up evicting him.  It ate up most of my cashflow, BUT now I have new tenants who pay on time so I am likely to hit that number and build up my reserve for cap ex.  I think $100-150/month/door is good.  I hire out most things-- I work full time and a mom too, so if I can get that number I consider that good!

I found fixit vets on thumbtack.  Tony was great.  He's in Golden Valley and I know he was really busy a couple of months ago but worth trying.  

Wow!   Joe, this looks amazing!  Great work!  

Thanks for sharing your story!  Congrats!

Thanks for clairfying @Karen Higgins about the MNReia.  I went to my first meeting and the presenter was selling his no money down/no interest program really hard.  I didn't think it was for me.  But maybe I'll go again.  I found the BP meet up MNREC groups helpful.  BP is free which is nice.  

 Great post idea and I agree.  I have been using $15k as the amount needed annually to insure my family of three but that number can change so much.  I loved the BP podcast about finding your "Freedom Number".  I have 5 freedom numbers, each one will allow me to be a bit more "free" (i.e. afford a more luxurious life) than the last.  Working on getting to my first freedom number of 32k/year after taxes which will allow me to escape the rat race albeit frill-free!

Hi Ryan, What kind of properties are you looking at? I have not found any on the MLS that look good on paper so maybe you're a better searcher than I am!